Animoca Brands founder Yat Siu aims to position his company as a vehicle for investors to gain exposure to the broader crypto project and altcoin market, as the company plans to go public in a reverse merger next year.
“We believe that altcoins, ultimately, in the largest space, will outperform Bitcoin as a collective,” Siu said during an interview with Cointelegraph on Wednesday.
Siu compared Bitcoin (BTC) to gold, saying that while no single company is larger than gold’s market cap, all public companies combined are “about five to six times more than gold.”
He said that while these companies may not have the longevity of gold, they can go “up and down as a whole.”
“We’re not joining crypto because we want to hold Bitcoin, just hold Bitcoin as a backup asset, but I’m not using it, right?” he said, highlighting the utility of altcoins across industries, from Web3 gaming to fuel reimbursements to DeFi and DePIN.
Animoca wants to offer crypto equivalents to the early Amazon, Google
“All of these applications are actually altcoins, right in the classic definition, even, you know, to a lesser extent, but maybe even more significantly, rather, memecoins are also altcoins,” he said.
Siu likened Animoca’s investment approach to an opportunity investors would have wanted in the early 2000s, the chance to invest in a broad group of “the biggest and most interesting” Internet companies, such as Amazon, Google, eBay and Alibaba.
“We think we’re pretty well positioned for that,” Siu said, adding that the crypto industry is unlikely to have an altcoin or winner-take-all project, unlike in the early Internet era.
Animoca Brands plans to capture some of the crypto winners
He said Animoca’s investment portfolio will be large enough to capture some of those winners.
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Most of the investment by Animoca Brands portfolio is in games-related projects, in which 230 out of 628 companies have invested. There is also an increasing amount invested in infrastructure, artificial intelligence and decentralized finance (DeFi).
Siu emphasized that Animoca can invest and gain access to altcoins at much lower levels than outside investors, and they “pass that benefit” on to shareholders.
It comes just weeks after Cointelegraph reported that Animoca Brands is planning a Nasdaq listing next year in a reverse merger with AI-focused public fintech firm Currenc Group.
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